Redundancy & tax implications

C

Curbaisti

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apologies if this has been brought up already, but I have just been told I am on an "at risk" list for a round of upcoming redundancies

been with the company just shy of 20yrs and I think a change is probably for the best. I shouldnt have much trouble getting a job in my field of work, however I may not get the same salary, but I'm up for the new challenge so I am going to apply for volountary and I dont think it will be refused

I had a quick look at online and trying to work out the figures

Statuatory part seems straight forward enough....€600 times (19.5 x2) + €600=€24k approx

The ex gratia is where I need some help. Does the average salary amount over the 3yrs include the likes of overtime/bonuses? its 4weeks per full yr service

Is this 4 weeks worked out on just the basic salary over the last 3yrs on an average or is it your final salary?

Just looking for some guidance as another employee recently went through it and they are still not 100% clear on what or how the final payment was calculated so I would like to be armed with as much info as possible in advance
 
When people talk about “4 weeks” (i.e. per year), that’s usually basic salary.

The average for the 3 years in the SCSB formula takes in everything...overtime, bonuses, share options, BIKs, the works
 
I've just got indicative figures back, some need clarifying but its a starting point

The ex gratia from the employer is 2 weeks per year (19 years).it looks like the best option for me is to opt for the SCSB Exemption Method and preserve my right to a tax free lump sum at pension age

So my plan with my pension is not to cash anything in right now, I'm still in my 40's and plan to work at least for another 15yrs all going well

How does one then get a value of what the lump sum payment would be based on the current value of my pension?
 
so I have been looking online trying to get my head around this...

as part of the redundancy they have the option of me taking a lump sum from pension of 27,000 approx.

If I take this on top of the redundancy payment, when it comes to retirement do you still have the option of taking the 25% tax free lump sum or is this not possible as I opted for it now?

Total redundancy package is approx 100k (stat & ex grat), + 27k from pension

I see aswell there is a lifetime amount of 200k you can receive tax free

Thanks
 
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